Current and Future Scope of Electric Vehicle Market | Projected to Grow at a CAGR of 19.8% to Reach US$ 103,342 million | Industry Forecast by 2023

Global Electric Vehicle Market was valued at $103,342 million in 2016, and is projected to reach $350,963 million by 2023, growing at a CAGR of 19.8% from 2017 to 2023. Electric vehicles use one or more than one electric motors or traction motors for propulsion. The electric vehicles are powered either by a collector system through electricity from charging station deployments or can be charged by self-charging devices such as regenerative braking systems, turbochargers, etc. Norway had the highest market penetration per capita globally with four plug-in electric vehicles per 1,000 inhabitants in 2013. In March 2014, Norway became the first country featuring 1 in every 100 passenger cars in the plug-in electric type on the road. It had the world’s largest plug-in electric vehicle segment market share of total new car sales, accounting for 13.8% in 2014 as compared to 5.6% in 2013. In June 2016, Andorra became the second country having largest electric vehicles, with 6% market share of battery electric vehicles and plug-in hybrid electric vehicle due to strong public policy providing multiple benefits. By May 2015, there were 58,989 electric vehicles registered in Norway, which comprises of 54,160 battery electric vehicles and 4,829 plug-in hybrid electric vehicle.

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Companies Covered in this Report are:

BMW Group
Nissan Motor Corporation
Toyota Motor Corporation
Volkswagen AG
General Motors
Daimler AG
Energica Motor Company S.P.A.
BYD Company Motors
Ford Motor Company
Zero Motorcycles
Renault Motors
Audi AG
Mahindra & Mahindra Ltd.

Globally, the new registrations of electric cars increased by 70% from 2014 to 2015. In 2015, over 550,000 vehicles were sold globally which includes both battery electric vehicle and plug-in hybrid electric vehicle. China surpassed the U.S. as the largest market for electric cars in 2015, with over 200,000 new registrations. Both these markets accounted for more than half of the global new electric car registrations in 2015. China is a potential market for electric vehicles, as it has the maximum number of electric vehicles globally. As per the Global EV Outlook 2015, China has a population of 230 million electric bikes, 83,000 electric cars, and 36,500 electric buses. Toyota Motor Corporation and Tesla Motors, Inc. are prominent players regularly manufacturing electric vehicles. For instance, Tesla Motors, Inc. added Model S, the fastest electric car to the global automotive fleet.

The demand for electric vehicles is governed by increase in demand for fuel-efficient, high-performance, and low-emission vehicles. In addition, the trend of reduction in vehicular emission due to stringent rules & regulations in several countries and growth of public charging infrastructure in China, France, Norway, and the other developed countries. However, high manufacturing cost of electric vehicles and low fuel economy & serviceability restrain the market growth. Moreover, technological advancements in electric vehicles and proactive government initiatives are expected to unfold various opportunities for the growth of the stakeholders of this market, such as system integrators, vehicle manufacturers, engine manufactures, and component providers, in the near future.

Key Benefits
The study provides an in-depth analysis of the global electric vehicles market with current trends and future estimations to elucidate the imminent investment pockets.
Quantitative analysis from 2016 to 2023, which is expected to enable the stakeholders to capitalize on prevailing market opportunities, is provided.
The report provides historical figures for 2016 and year-on-year forecasts throughout the forecast period, considering 2016 as base.
Competitive intelligence highlights the business practices followed by leading players across various regions.

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Electric Vehicle Market Key Segments

By Type
Battery Electric Vehicles
Hybrid Electric Vehicles
Plug-in Hybrid Electric Vehicles

By Vehicle Type
Passenger Cars
Commercial Vehicles

By Geography
North America
The Netherlands
Rest of Europe
South Korea
Rest of Asia-Pacific
Latin America
Middle East

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Posted by on Monday October 21 2019, 7:03 AM EDT. All trademarks acknowledged. Filed under Automotive, Automotive & Transportation, Automotive Manufacturing, Business Services, Featured Press Release, Transportation. Comments and Trackbacks closed. Follow responses: RSS 2.0

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